Fresno's Northbrook Apartments image via The Mogharebi Group.

The Mogharebi Group announced it has completed the sale of the 92-unit Northbrook Apartments at 584 E. Bullard Ave. just east of Fresno Street.

The Fresno apartment complex, which sold for $11.4 million, was built on six acres in 1972 and features two swimming pools and private enclosed patios. It includes a mix of one- and two-bedroom, single-story, 700-900 square-foot floor plans.

The complex is located a couple blocks east of Highway 41.

“Northbrook drew significant investor interest due to its quality construction, prime location, and upside potential,” said Robin Kane, senior vice president with The Mogharebi Group. “With their experience in the Fresno market, the buyer recognized the opportunity to maximize revenue by improving the loss to lease and aligning rents with market.”

Loss to lease is a metric in multifamily real estate representing the market rental rate minus actual rent.

Kane, along with Brendan Kane and Gordon Larkin, represented the Monterey-based apartment owner/developer in the transaction, which saw the complex on the market for the first time in nearly 25 years.

The buyer was a Central Valley family office. According to investopedia.com, a family office is “a private wealth management advisory firm that serves ultra-high-net-worth individuals.”

The sale of the complex marks the second Mogharebi apartment deal in the last two weeks, with the 49-unit Birch Commons selling for nearly $15 million, one of the highest prices per unit (more than $300,000 in Fresno history.